The Benefit to the Firm from Hiring One Additional Worker

question 59

Multiple Choice

The benefit to the firm from hiring one additional worker is called the

• A) marginal revenue product of labour.
• B) marginal revenue.
• C) marginal profit.
• D) total revenue.

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Definitions:

Critical Value

A point on the scale of the test statistic beyond which we reject the null hypothesis; it is dependent on the chosen significance level.

Curriculum

A structured set of educational and training goals, content, methods, and materials used in teaching and learning environments.

Freshman Year

The first year at a university, college, or high school for a student, marking the commencement of their academic journey in that institution.

Type II Error

A statistical mistake made when a true alternative hypothesis is incorrectly rejected, meaning that a false null hypothesis is not rejected.